Building Details

Year Built 1981

Listing Agency: Southern Charm Homes

Listed By: Felicia Cardwell · License #367467 Show Phone

Source: Compass

Added: Oct 9, 2025 Changed: Oct 16 Last Checked: Oct 19 at 9:03AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Southern Charm Homes

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Investment Insights

Based on property information with market context.

This multifamily property in Luttrell, Tennessee, spans 16.169 acres and includes 11 site-built homes, with 8 currently occupied. The grounds also contain numerous pads configured for mobile homes, providing additional established residential sites.

A separate building formerly operated as a store and could possibly be converted to apartments or another use. A current survey is on file for the property at 110-145 Wenger Park Lane. The property was built in 1981, and additional acreage is available.

Key Highlights

• 16.169‑acre multifamily property in Luttrell, TN
• 11 site‑built homes included
• 8 homes currently occupied

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$71,795

Cap Rate

4.49%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,435,900 $1.4M

Cap Rate 7%

$1,025,643 $1.0M

Cap Rate 9%

$797,722 $797.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 8,000 SF

Gross rent

$141.1K $17.64/SF

− Vacancy

−$10.6K −$1.32/SF

EGI

$130.5K $16.32/SF

− OpEx

−$58.7K −$7.34/SF

NOI

$71.8K $8.97/SF

Area

Union County, TN

Vacancy

7.50%

Lease Rate

$17.64 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,435,900

Cap Rate 7%

$1,025,643

Cap Rate 9%

$797,722

Alternative Uses

Best Use

Apartment 5plus

$1.03M

$897.4K – $1.20M (±1% cap)

NOI $71,795 @ 7.0% cap · market cap 4.49%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.98M

$1.73M – $2.31M (±1% cap)

NOI $138,701 @ 7.0% cap · market cap 8.67%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Explore this area Business Placement

Demographics for 37779, TN

3,812

Population

1,554

Households

2.5

Avg Household Size

43

Median Age

10%

College-Educated

86%

High-School Grad

34.6 sq mi

ZIP Area

110

Density / Sq Mi

$51,159

Median Household Income

$37,474

Median Earnings

$829

Median Rent

$160,500

Median Home Value

Market

Vacancy Rate% for Multifamily in South region

8.5% 2022

10.2% 2023

11.4% 2024

11.3% 2025

Frequently Asked Questions

What type of property is this?

Multifamily property - Rental property portfolio with site-built homes, mobile home pads, and a former store building.

Where is this multifamily property located?

The property is located at 110-145 Wenger Park Lane Luttrell, TN.

What is the asking price?

The asking price for this property is $1,600,000.

What are key features of this property?

This property features: 16.169‑acre multifamily property in Luttrell, TN; 11 site‑built homes included; 8 homes currently occupied